Inverness Counsel LLC NY lifted its position in Adobe Systems Incorporated (NASDAQ:ADBE) by 1.7% in the third quarter, HoldingsChannel.com reports. The firm owned 246,418 shares of the software company’s stock after buying an additional 4,042 shares during the period. Adobe Systems makes up about 3.5% of Inverness Counsel LLC NY’s portfolio, making the stock its 5th biggest holding. Inverness Counsel LLC NY’s holdings in Adobe Systems were worth $66,521,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Rockland Trust Co. acquired a new position in Adobe Systems in the second quarter valued at about $700,000. Iberiabank Corp lifted its position in Adobe Systems by 32.5% in the third quarter. Iberiabank Corp now owns 20,238 shares of the software company’s stock valued at $5,463,000 after buying an additional 4,959 shares during the last quarter. Sunesis Advisors LLC acquired a new position in Adobe Systems in the third quarter valued at about $204,000. Creative Planning lifted its position in Adobe Systems by 53.5% in the second quarter. Creative Planning now owns 41,801 shares of the software company’s stock valued at $10,191,000 after buying an additional 14,574 shares during the last quarter. Finally, Moneta Group Investment Advisors LLC acquired a new position in Adobe Systems in the second quarter valued at about $546,000. 85.02% of the stock is owned by hedge funds and other institutional investors.
Several analysts have recently issued reports on ADBE shares. Zacks Investment Research raised shares of Adobe Systems from a “hold” rating to a “buy” rating and set a $305.00 price target on the stock in a research report on Thursday, October 4th. Citigroup increased their price target on shares of Adobe Systems from $260.00 to $309.00 and gave the stock a “buy” rating in a research report on Friday, September 14th. Argus increased their price target on shares of Adobe Systems from $289.00 to $320.00 and gave the stock a “buy” rating in a research report on Monday, September 17th. Wedbush started coverage on shares of Adobe Systems in a research report on Thursday, October 18th. They set a “neutral” rating and a $270.00 price target on the stock. Finally, Barclays increased their price target on shares of Adobe Systems from $297.00 to $304.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 16th. Ten research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company. Adobe Systems has an average rating of “Buy” and an average target price of $269.17.
Shares of NASDAQ:ADBE opened at $238.41 on Wednesday. The company has a market capitalization of $119.98 billion, a P/E ratio of 66.41, a PEG ratio of 2.58 and a beta of 1.08. Adobe Systems Incorporated has a fifty-two week low of $165.68 and a fifty-two week high of $277.61. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.66 and a current ratio of 1.66.
Adobe Systems (NASDAQ:ADBE) last issued its earnings results on Thursday, September 13th. The software company reported $1.73 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.69 by $0.04. The firm had revenue of $2.29 billion for the quarter, compared to analysts’ expectations of $2.25 billion. Adobe Systems had a net margin of 28.16% and a return on equity of 29.51%. The firm’s revenue was up 24.4% compared to the same quarter last year. During the same quarter last year, the company earned $1.10 earnings per share. As a group, analysts predict that Adobe Systems Incorporated will post 5.66 earnings per share for the current fiscal year.
Adobe Systems Company Profile
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customers to download and install the latest versions of its creative products.
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